It is worth mentioning that two countries have recently adopted Bitcoin as tender. El Salvadors President Nayib Bukele made this announcement in 2021 with aims to digitize the economy, reduce reliance on the US dollar, remittance fees and attract investment. El Salvador continues to make progress in its adoption of cryptocurrency while the Central African Republic initially embraced Bitcoin as legal tender in 2022 but later faced opposition and repealed the legislation.
The emergence of cryptocurrencies brings promising prospects for developing nations. Accessing banking services poses a challenge in these regions; cryptocurrencies offer a secure and efficient means for people to store and transfer value even without conventional bank accounts.
Furthermore cryptocurrencies have the potential to revolutionize remittances by making them more affordable and faster benefiting both senders and recipients. This technology also holds promise in attracting investment and stimulating growth in developing countries.Blockchain technology
, which serves as the foundation for cryptocurrencies provides transparency and security, across sectors. By implementing blockchain based systems corruption can be reduced accountability can be. Public services can become more efficient – all contributing to development particularly in the Global South.